QLOGIC CORP (QLGC-Nasdaq): Technical Viewpoint: From a low of $35.14 on Dec 9, 2004 prices rallied, reaching a high of $37.40 on Dec 16, 2004. A decline saw prices pull back, reaching a low of $34.72 on Dec 27, 2004. Another rally saw prices penetrate resistance, closing 12/31/04 at $36.73. Technicals: Stochastic Oscillator (STOC): A Buy Alert! was given on Dec 29, 2004 when the solid line crossed the dotted line to the upside. Support: Remains at $35.50. Resistance: Is at $33.50. Point & Figure: Reversed to the upside on Nov 16, 2004. A P&F upside reversal takes place at $34.00. Summary: Technical indicators have turned bullish. BUY! QLOGIC CORP (QLGC-Nasdaq) @ $37.13 Stop: Use a protective stop of $35.13. QLOGIC CORP is currently trading @ $36.73 plus $0.93 on Dec 31, 2004. Price Objective: $49.50. Risk/Reward: $2.00 VS. $12.37. Today's Risk Reward Ratio: 6:1